Warren Buffett will retire from board of Kraft Heinz

Kraft Heinz announced Friday that Warren Buffett will be retiring from its board when his term ends at the company’s upcoming annual meeting.

In its statement, Kraft Heinz said Buffett decided to step down “as he decreases his travel commitments.”

Alex Behring, chairman of the board, said Buffett made “many invaluable contributions” to the company.

Behring also said the board looks forward to continuing its partnership with Buffett’s Berkshire Hathaway. Berkshire is the company’s largest investor, holding about 26 percent of shares outstanding, according to FactSet.